Printer Friendly

PAUL KAZARIAN REMOVED FROM BOARD OF SUNBEAM-OSTER COMPANY, INC.

 PROVIDENCE, R.I., March 30 /PRNewswire/ -- Sunbeam-Oster Company, Inc. (NYSE: SOC) announced today that its majority shareholder, Sunbeam- Oster Equities, L.P. (SOE), has removed Paul B. Kazarian from the Company's Board of Directors. Kazarian was previously terminated as Chairman of the Board of Directors, President and Principal Financial Officer by a unanimous vote of the Company's Board of Directors, other than Mr. Kazarian. Peter A. Langerman, Chairman of the Sunbeam-Oster Board's Executive Committee and a member of SOE's Management Committee, said "SOE's removal of Mr. Kazarian from his Board position was taken in the best interest of the Company's shareholders and other constituents."
 SOE acted following the decision of a New York court to deny Kazarian a preliminary injunction and vacate a temporary restraining order preventing Kazarian's removal from the Board. In its decision the court said that Kazarian had "failed to demonstrate a likelihood of success based on undisputed facts, irreparable harm or that the equities weigh in (his) favor." Sunbeam-Oster also announced that it has been informed that Japonica Partners, L.P. has been replaced as general partner of SOE by S-O Equities Holding L.P., a newly formed entity owned equally by Mutual Series Fund Inc. and the Steinhardt organization.
 Separately, Sunbeam-Oster announced that its five remaining directors, Charles E. Davidson, Roderick M. Hills, Peter A. Langerman, Michael G. Lederman and Charles J. Thayer, have been nominated for reelection as directors of the company, and each has confirmed his intention to serve.
 Sunbeam-Oster is a leading international consumer products company that develops, manufactures, and markets a diversified portfolio of outdoor, household and specialty brand name products. The company's Sunbeam and Oster brands have been household names for generations, and the company is a market share leader in many of its product categories.
 -0- 3/30/93
 /CONTACT: Michael G. Lederman, office of the president of Sunbeam- Oster, 401-831-0050; or Joseph N. Jaffoni of Dewe Rogerson, 212-688- 6840, for Sunbeam-Oster/
 (SOC)


CO: Sunbeam-Oster Company, Inc. ST: Rhode Island IN: SU:

DH -- NE005 -- 0905 03/30/93 09:29 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1993
Words:342
Previous Article:CBL MEDICAL ANNOUNCES $4 MILLION INCREASE IN CREDIT
Next Article:AMERICAN MEDICAL RESPONSE ANNOUNCES ACQUISITION; NATION'S LEADING PROVIDER OF AMBULANCE SERVICES ESTABLISHES SOUTHEASTERN BASE
Topics:


Related Articles
SUNBEAM-OSTER REPORTS STRONG THIRD QUARTER: SALES UP 11 PERCENT AND EPS GROWS 27 PERCENT
SUNBEAM-OSTER RECEIVES 'A' RATING FROM DUFF & PHELPS
SUNBEAM-OSTER ANNOUNCES REPURCHASE OF 12.4 MILLION SHARES AND LITIGATION SETTLEMENT
SUNBEAM-OSTER ANNOUNCES REPURCHASE OF 12.4 MILLION SHARES AND LITIGATION SETTLEMENT
SUNBEAM-OSTER REPORTS STRONG SECOND QUARTER; SALES UP 14 PERCENT AND EPS INCREASES 29 PERCENT
SUNBEAM CORPORATION DECLARES DIVIDEND
SUNBEAM MANAGEMENT CHANGES ANNOUNCED
SUNBEAM CORPORATION ANNOUNCES ELECTION OF RUSSELL KERSH AS EXECUTIVE VICE PRESIDENT, FINANCE AND ADMINISTRATION
Sunbeam Director Purchases Additional Shares
Sunbeam Corporation and Signature Brands, Inc. Finalize Licensing Agreement

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters